The background to Cyber Assist is that under the Data Protection Act, any breach or suspected data breach MUST be notified to the ICO (Information Commissioners Office). Failure to do so may result in fines and other costs incurred in investigating an incident. This can be costly in terms of financial ramifications and sanctions from governmental bodies, but also in the trust of your clients declining due to the breach, which will massively impact your business.

The policy is broken down into relevant sections and is underwritten by Hiscox and administered by Lloyd’s Broker LOREGA. The policy will provide policyholders with a 24-hour helpline in the event of a data breach as well as paying for rectification costs/advice and also gives crisis management and PR cover.

Maurice Logie, Director at Moreland Insurance Brokers, explained that the product is not just offering a peace of mind, but a comprehensive solutions to those who use it: “The added bonus of having such a policy in place, as well as the help with data breaches, is that if there are any fines/penalties due to a breach in security, the insurers will pay these for you. It really can offer your company a way to ensure that your business is in safe hands Finally, policyholders receive a free 19-page information security template that can meet EU/UK legislative requirements.”

Published: 25 September 2015

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